Notice of revocation of consent to establish or maintain a representative office in Australia

Banking Act 1959

TO: Union Bank of India 17 135 448 047 (you)

Suite 9.02, Level 9, 20 Hunter Street, Sydney, New South Wales 2000

I, Keith Chapman, a delegate of APRA, under paragraph 67(2)(c) of the Banking Act 1959 (the Act), REVOKE the consent previously given by APRA to you on 12 January 2009 to establish or maintain an office in Australia in connection with the carrying on by you of banking business in a foreign country.

Dated 1 December 2015

[Signed]

Keith Chapman

Executive General Manager Specialised Institutions Division

Interpretation Document ID: 220105

In this Notice

APRA means the Australian Prudential Regulation Authority.

ADI is short for authorised deposit-taking institution and has the meaning given in subsection 5(1) of the Act.

Note 1

Under subsection 67(1) of the Act, a person (other than an ADI) is guilty of an offence if the person:

(a)        carries on banking business in a foreign country but does not carry on banking business in Australia; and

(b)        establishes or maintains an office in Australia wholly or partly in connection with that banking business in that foreign country; and

(c)        APRA has not consented, in writing, to the establishment or maintenance of that office; and

(d)        there is no order in force under section 11 of the Act determining that subsection 67(1) does not apply to that person.

The maximum penalty is 50 penalty units or, in the case of a body corporate, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 250 penalty units.

Note 2

Under subsection 67(2) of the Act, APRA may at any time impose conditions, or additional

conditions, on a consent or vary or revoke conditions imposed on a consent or revoke a consent.

Note 3

Under subsection 67(1A) of the Act, if a person commits an offence against subsection 67(1), the

person is guilty of an offence against that subsection in respect of the first day on which the offence is committed and each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).

Note 4

Under subsection 67(5) of the Act, a decision to make this revocation is a decision to which Part VI

of the Act applies. If a person whose interests are affected is dissatisfied with that decision, the person may seek reconsideration of the decision by APRA in accordance with section 51B(1) of the Act. The request for reconsideration must be in writing, must state the reasons for the request, and must be given to APRA within 21 days after the decision first comes to the person’s notice or within such further period as APRA allows. If dissatisfied with APRA’s reconsidered decision confirming or varying the first decision, the person may, subject to the Administrative Appeals Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

The address where written notice may be given to APRA is   Level 26, 400 George Street, Sydney NSW 2000.